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Trading Made Simple the right way, and other trading lessons 334 replies

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Trading Made Simple(r)

  • #5,361
  • May 11, 2020 2:50pm May 11, 2020 2:50pm
Quoting MalvernTrust
{quote} Thanks very much for your reply, Ha Ha, nice suggestions regarding money management, Just trying to understand how my fellow traders are trading at various time zones and how they are managing their trades. At this point I dint receive an input from a trader who lives in EST time zones, may be someone will post later.
Well,I have 3 brokers and each stars 4H candles in different time and I'm testing demo US Oanda and Tradingview,again different times,but I actually use only 1 broker for charting and it has same times for 4Hr TF like mkfx's broker -0 00, 4 00, 8 00 etc etc.So day candle actually starts 6pm EST and works for me best.
If you want to trade UK session,you'll have to change your sleeping habits
My suggestion is no trade opening between 5-7pm EST at 8pm EST Tokyo open(my sleeping time),there could be some nice trades,no big movements,but steady.specially on JPY,aussie and kiwi crosses,just do some back testing.
11pm-1am EST might be slow or even pullbacks.Everybody is waiting for 2am est-Frankurt and 3am est London open.where volatility starts evem some changes or manipulations with trend,so if I where you.I'd take advantage of steady and not volatile Asia session on 1Hr TF between 7pm est till your midnight,then you can go sleep and wake up for US session.Of course I'm assuming that you are full time trader.
Whether you think you can, or you think you can't,you're right. H.F.
  • #5,362
  • May 11, 2020 8:06pm May 11, 2020 8:06pm
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GBPJPY Short, Early Bird :-) 1H and H4 gave me a good alignment to sell, lets see.
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  • #5,363
  • May 11, 2020 8:07pm May 11, 2020 8:07pm
Quoting Simply-Me
{quote} Well,I have 3 brokers and each stars 4H candles in different time and I'm testing demo US Oanda and Tradingview,again different times,but I actually use only 1 broker for charting and it has same times for 4Hr TF like mkfx's broker -0 00, 4 00, 8 00 etc etc.So day candle actually starts 6pm EST and works for me best. If you want to trade UK session,you'll have to change your sleeping habits My suggestion is no trade opening between 5-7pm EST at 8pm EST Tokyo open(my sleeping time),there could be some nice trades,no...
Thanks very much my friend, all very useful information. I will try to stick with my game-plan, may be from next week. Thanks again.
  • #5,364
  • May 11, 2020 8:13pm May 11, 2020 8:13pm
USD 30 ( Dowjones Short)
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  • #5,365
  • May 11, 2020 8:18pm May 11, 2020 8:18pm
Trade Summary from yesterday ( this week) closed trades

Looks Net 110 pips, Few losses on early entries NJ could have been avoided if i waited till stop loss
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  • #5,366
  • May 12, 2020 1:21am May 12, 2020 1:21am
Folks,we are all talking about when to open trade,colored lines crosses etc etc,but we don't talk about money management (MM).
I know this is trade about Trading Made Simple(r) not about managing your money,but I think that MM can play big role in your trading with this system.
So how much do you risk per trade(RPT)?
How many trades you open simultaneously?
What's your risk reward ratio in $ ? (RR)
How many trades per week or month?
What's your return of investment (ROI) or how many % of equity per month?
Remember with 5% RPT (I know,it's big) with RR 1:2 and 50% success rate(not that bad) and 10 trades (5 win and 5 lost) you can do 25% ROI on your equity.
The question is is it doable in week or 2 or month?
Whether you think you can, or you think you can't,you're right. H.F.
  • #5,367
  • May 12, 2020 1:32am May 12, 2020 1:32am
Guys

Ecad Long looks good ?
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  • #5,368
  • May 12, 2020 4:55am May 12, 2020 4:55am
Quoting mkfx
Trade Summary from yesterday ( this week) closed trades Looks Net 110 pips, Few losses on early entries NJ could have been avoided if i waited till stop loss {image}
Good work mate!

Just wondering what hours/markets do you normally trade?

And once you place a trade how often do you check it? Or is it a case of if you trade of the 4hr chart, you only check every 4 hours?

I'm trading full time atm but still haven't got a proper schedule to stick to and end up sat at my computer for too many hours constantly checking on the trades.

Thanks
Low Spreads/Commission.. https://go.vantagefx.com/visit/?bta=40917&brand=v
  • #5,369
  • May 12, 2020 5:14am May 12, 2020 5:14am
I have Metatrader 5. Is there its template in this thread?
  • #5,370
  • May 12, 2020 5:16am May 12, 2020 5:16am
Quoting krislb
{quote} Good work mate! Just wondering what hours/markets do you normally trade? And once you place a trade how often do you check it? Or is it a case of if you trade of the 4hr chart, you only check every 4 hours? I'm trading full time atm but still haven't got a proper schedule to stick to and end up sat at my computer for too many hours constantly checking on the trades. Thanks
Hi krislb and how's your trading day looks like?
Whether you think you can, or you think you can't,you're right. H.F.
  • #5,371
  • May 12, 2020 5:59am May 12, 2020 5:59am
Quoting Simply-Me
{quote} Hi krislb and how's your trading day looks like?
Usually I'll start trading at 10am UK time, once theres a new candle on the 4hr chart, I'll place most trades then and then I'll check them quite a few times throughout the day and look for other openings. I usually close just before I go bed if they've not hit the tp.

Hows it working for other people? I might look to only check every 4 hours and keep it running throughout the night
Low Spreads/Commission.. https://go.vantagefx.com/visit/?bta=40917&brand=v
  • #5,372
  • May 12, 2020 6:19am May 12, 2020 6:19am
Quoting krislb
{quote} Usually I'll start trading at 10am UK time, once theres a new candle on the 4hr chart, I'll place most trades then and then I'll check them quite a few times throughout the day and look for other openings. I usually close just before I go bed if they've not hit the tp. Hows it working for other people? I might look to only check every 4 hours and keep it running throughout the night
Different people,different tastes,different styles.
I'm mostly scalping 1 and 5M TF,but I'd like to find efficient way to trade 4H TF, because I trade 3 accounts,with another comming and difficult to do lower TF on more accounts.
The idea is to check those 4H candles every 4 hours.
Whether you think you can, or you think you can't,you're right. H.F.
  • #5,373
  • May 12, 2020 6:22am May 12, 2020 6:22am
Quoting krislb
{quote} Usually I'll start trading at 10am UK time, once theres a new candle on the 4hr chart, I'll place most trades then and then I'll check them quite a few times throughout the day and look for other openings. I usually close just before I go bed if they've not hit the tp. Hows it working for other people? I might look to only check every 4 hours and keep it running throughout the night
I'm in the UK and the first H4 candle I look at begins and coincides with the London open at 8am. I have alerts in place across FX and some indices for set ups
  • #5,374
  • May 12, 2020 7:18am May 12, 2020 7:18am
First 2 live trades using this system closed today. Used a combination of hourly and the 4 hour for signal with a glance at the daily for confirmation. Many thanks to RH and all those who contribute here.
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  • #5,375
  • May 12, 2020 9:26am May 12, 2020 9:26am
RH and other experienced traders,

I have posted this in the telegram group that was created but I am sure not everyone is in the group and I wanted every help I can get, so I have come here too to post this.
How do you guys determine when to get out of a trade? After struggling to learn trading for quite a while,I have really improved in reading the market and at least get around 60% of my entries correct. So often I enter a trade and maybe for the next 30 or even 1 hour or 2 the trade seems to be going as I had forecast. Then the market changes direction and goes against me and most of the time I get out when I see price stalling while my trade is in loss ( In most cases price then continue as I had predicted). This has affected my trading to the extent that I get super spooked whenever I see the market moving against me,even just a bit. This habit results in me leaving A LOT of pips on the table. How do you guys deal with this, does anyone else experience this?
"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #5,376
  • May 12, 2020 9:49am May 12, 2020 9:49am
Quoting Nonip
RH and other experienced traders, I have posted this in the telegram group that was created but I am sure not everyone is in the group and I wanted every help I can get, so I have come here too to post this. How do you guys determine when to get out of a trade? After struggling to learn trading for quite a while,I have really improved in reading the market and at least get around 60% of my entries correct. So often I enter a trade and maybe for the next 30 or even 1 hour or 2 the trade seems to be going as I had forecast. Then the market changes...
How about a Breakeven EA. Moves your SL when your about 25 pips up and if it turns against you, kicks you out with +3 pips. Live to trade another day.
  • #5,377
  • May 12, 2020 9:53am May 12, 2020 9:53am
Quoting 40PipsAlan
{quote} How about a Breakeven EA. Moves your SL when your about 25 pips up and if it turns against you, kicks you out with +3 pips. Live to trade another day.
Thanks 40PipsAlan. I started using Quick Trail this week. Will see how it goes.
"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #5,378
  • May 12, 2020 9:57am May 12, 2020 9:57am
Quoting Nonip
{quote} Thanks 40PipsAlan. I started using Quick Trail this week. Will see how it goes.
Here's one that I use. Getting kicked out at BE usually indicates a poor trade decision in my view. We are all still learning tho.
Attached File(s)
File Type: ex4 FPA=TrailingStop.ex4   39 KB | 249 downloads
  • #5,379
  • May 12, 2020 10:14am May 12, 2020 10:14am
Quoting 40PipsAlan
{quote} Here's one that I use. Getting kicked out at BE usually indicates a poor trade decision in my view. We are all still learning tho. {file}
Hi 40PipsAlan,

Have you got the mq4 file for this ea? I cant run it on my vps as it needs to be recompiled.

Thanks
  • #5,380
  • May 12, 2020 11:13am May 12, 2020 11:13am
Finished for the day. Disappointed I exited GBPAUD when I did as it ran another 50 odd pips... Still, happy for first day on live.
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